Wednesday, May 20, 2009

How to make or break a Depression

"An economy should be set up like a hybrid engine in a car. You have the big, private engine and the smaller public engine, and the private engine turns along and does most of the driving, and it works most of the time. But in certain times, you need that hybrid engine to kick in and take over as the private engine falters. That’s key. That’s bottom line economic understanding."

Comments from Jim Gregory, a history professor I studied with while an undergraduate at the University of Washington. Read the rest of the interview in Real Change News.

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